In our daily life, each one of us has multiple needs and wants which generally requires lump sum money to fulfill. There are times when savings are not good enough to fund these requirements or maybe we do not want to dip into that. But as you know that urgencies came without any prior notice. In this situation, a personal loan is considered as one of the best options by the experts.
SBI caters the need of all its customers that means a personal loan for self-employed as well as salaried employed is available. SBI personal loan is among the preferred choices by the loan seekers. There are many reasons for this like a competitive interest rate, low processing charges, attractive offers, flexible repayment tenures, etc. SBI offers a wide range of personal loan schemes namely, Xpress Credit Loan, Xpress Power, SBI Pension Loan, etc. to fits in the needs of the customer.
Features of SBI Personal Loan
Ø Quick disbursement of the loan amount.
Ø Flexible loan repayment tenure up to 60 months.
Ø SBI offers collateral-free personal loan for self-employed and salaried professionals.
Ø Fast online personal loan processing leads to quick approval.
Ø SBI personal loan offers a lucrative interest rate.
Ø A borrower can repay the SBI personal loan via ECS/NACH.
Ø You can increase your loan amount eligibility by merging your income with a co-applicant.
Ø SBI personal loan processing is simple and easy.
Ø You can avail of the high personal loan amount under various schemes.
SBI Personal Loan EMI Calculator
Once an applicant has decided to take a personal loan it is very crucial to check the monthly EMI that needs timely payments. As it helps to decide the suitable loan amount and plan the does disturb your monthly budget. You can have a lot of various benefits of the SBI personal loan EMI calculator.
Few steps are required to calculate with SBI personal loan EMI Calculator, those are:
Step 1: Visit the official website of the State Bank India.
Step 2: Click on the option for ‘Personal Loan EMI Calculator’.
Step 3: A new page will open there will be three fields, where a few details need to enter:
Loan Amount
Interest Rate and
Tenure in years.
Factors affecting the SBI Personal Loan
v Income: generally an applicant with a high amount of income gets easily loan approval without any collateral or security at an attractive rate of interest.
v Nature of Employment: the chances of fast loan approval at a low rate of interest are high for salaried employees than self-employed.
Eligibility Criteria of SBI Personal Loan
The eligibility of SBI personal loan varies based on the loan amount, borrower’s profile, availed personal loan scheme. Here are the basic eligibility criteria for the SBI personal loan:
Xpress Credit Personal Loan
Ø The borrower should have a minimum gross monthly income of Rs.50,000.
Xpress Credit Personal Loan
Ø The EMI/NMI ratio of a borrower should be less than 50%.
SBI Personal Loan Documents Required
Ø Duly filled loan application form
Ø Recent passport-sized photograph.
Ø Identity proof (any of the following)
· PAN Card
· Aadhaar Card
· Passport Copy
· Driving License
· Voter ID Card
Ø Address Proof (any of the following)
· Passport Copy
· Rental Agreement
· Driving License
· Bank Statement or Passbook
· Electricity Bill
· Ration Card
· Telephone Bill
Ø Age Proof (any of the following)
· Passport Copy
· PAN Card
Ø Latest Salary Slips or Bank Statements/ Passbook
Ø Form 16
Ø Last 3 years IT Returns